Both the United States and the Confederate States raise at present all their revenue by duties on imports.
Neither have, as yet, resorted to direct taxation, and the revenue now received from the sale of public lands by the United States amounts to nothing.
The amount of revenue which each Government is likely to receive depends upon the amount of probable importations into their respective ports, and the amount of imports depends upon the amount of exports which each country is able to send out; for it is with these exports that the imports are purchased and paid for in foreign markets.
It is with a view of ascertaining the respective financial resources of the two Governments that we have looked into this subject, and now present to our readers the result of the examination.--The latest statistical information we have at our command, is for the fiscal year ending 30th June, 1860. We can, however, state with confidence, and from examination, that the statistics of the present or any previous fiscal year, will not vary in results from the figures we now give.
We use in this connection a statement and table prepared from the official documents of the United States;

The exprorts of the fiscal year ending June 30, 1860, embracing specle and American produce, amounted to $373,167,461; in addition to which we also exported about $27,000,000 of foreign produce, making all of our exports $100,167,461, and exceeding our imports for the same period $38,370,252; the imports being $361,797,209.

the Specie and American produce exported were, as above stated

$373,167,451

or this amount the Specie was

56,946,851

the amount of American produce consequently exported was

$316,220,610

we propose to classify the amount furnished exclusively by the free States, the amount furnished by both the free and slave States--which it is impossible to separate and designate the respective amount furnished by each — and the amount furnished exclusively by the slave States.

Slave States exclusively:

Recapitulation.

Free States exclusively

$5,071,431

Free and Slave States

96,826,299

Slave States exclusively

214,322,880

Total

316,220,610

If any one will analyze the articles embraced in the amount of $96,826,299, belonging alike to the labor of the free and slave States, he will find that at least one-third is justly the product of slave labor.
We have, therefore, the fact that out of $316,220,610 of exporis of domestic industry, nearly $250,000,000 is furnished by those States known as slave States.

Bearing in mind the fact — which cannot be questioned — that the imports of a country must be proportionate to its exports, and that upon the amount of imports depends the amount of revenue to be received, we have before us the most gratifying evidence of the great advantage, in this respect, of the Confederate over the United States.
In this table, we have included all the slave States--though Kentucky, Missouri, Maryland and Delaware are not yet with us, and the general result would not be very materially varied if they never should come, as neither of them produce any considerable quantity of the great staple which gives such advantage to the South over the North.

The exports of a country are its surplue products, over and above its own consumption, and which find a market in the other countries of the world.
They constitute the highest evidence of the productive powers of a country — its wealth and prosperity.
It is the basis of commercial greatness, and the most certain source of revenue.
The foregoing table and figures show that the slave States produce of these exports about $250,990,600, whilst the Northern States produce less than $70,000,000. If each section should import the amount of its exports, we could, by a duty of 20 percent, raise fifty millions of revenue, whilst it would require on the part of the United States, a duty of over seventy per cent, to raise the same amount of revenue.
With these facts and figures before us, and taken too, from the official records of our enemy, we can afford to read with complacency their idle and extrayagant talk of superior advantages in financial resources.
Nor

are those who deal in financial operations ignorant of these facts.
At present the bonds of the United States are selling in the New York it eighty-five cents in the dollar, and that, too, when capital is lying idle and seeking a safe investment.
The same bonds, before the separation of the Southern States, sold at one hundred and fifteen, showing a depreciation of thirty cents in the dollar.
What hascaused it?
Not a want of money, for there is an abundance there, anxionsly seeking a safe investment.
The difficulty is the want of confidence in the security.
The monied men of the North prefer to hold their money and do nothing with it, than to trust a Government whose sinking fortunes point to certain and inovitable bankruptcy.
On the other hand, look to the operations now going on in the Confederate States.
Whilst our people have no large amount of surplus capital to invest in the bonds of our Government, they manifest their confidence in the security by promptly offering to agil their cotton and other products, and receive payment in the bonds and Treasury notes of the Confederate States.
Our bankers, by their action, exhibit the same confidence; and indeed, all persons, in whatever business of life engaged, press forward, to manifest their confidence in our Government, and their purpose at all hazards and under all circumstances, to stand by it. With such resources and such a spirit, how idle and ridiculous are the vain-glorions boastings of our deluded and malignant enemies.
The truth is, that the present war is wasting away the means and credit of the United States, and it is impossible for them to keep it up for any great length of time.
They boast of having in the field over two hundred thousand men. If so, the annual expense of their Government cannot be less than two hundred and fifty millions of dollars, and their receipts do not exceed thirty millions a year.
At this rate, they are increasing their public debt at least two hundred millions per annum.
How long will their people consent to a continu-ance of a war which is thus exbausting their resources, destroying their business and covering their Government with debt and bankruptcy, and which has for its object no higher motive than the gratification of the most malignant passions?
As long as they hoped to conquer us into subjection to their will, and thus force us to return to the Union, that they might continue to feed and fatten upon our substance, there was a practical object in the war, but that delusion is fast passing away, and when finally dispelled by the array of our army and the exhibition of our financial resources, we may look to an early peace, our prosperity and their ruin--three very certain and well-deserved results.-- Atheas Banner.

An XML version of this text is available for download,
with the additional restriction that you offer Perseus any modifications you make. Perseus provides credit for all accepted
changes, storing new additions in a versioning system.